The "New Economics" of the People's Republic of China: The Overcentralized Command Economy Failed, Now the Management System Must Be Reformed

On September 26, 1985, the Communist Party of China Central Committee on the Seventh Five-Year Plan adopted the outlines of the guiding principles for China's economic and social development for the period 1986-1990. Recently, these principles were reaffirmed with the election of a new Politbur...

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Bibliographic Details
Published in:The American journal of economics and sociology 1990-07, Vol.49 (3), p.351-373
Main Author: Williams, Edward E.
Format: Article
Language:English
Subjects:
Business economics
Business structures
Capitalism
Decentralization
Economic development
Economic policy
Economic reform
Economic systems
Economics
Five year plans
Governmental reform
Industrial agriculture
Management
Market economies
Peoples Republic of China
Political Systems
Reform
Social policy
Socialism
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Summary:On September 26, 1985, the Communist Party of China Central Committee on the Seventh Five-Year Plan adopted the outlines of the guiding principles for China's economic and social development for the period 1986-1990. Recently, these principles were reaffirmed with the election of a new Politburo composed of relatively (by Chinese standards) young men who are almost uniformly supportive of the economic reforms that began in China several years ago. These reforms have already considerably altered China economically and otherwise. A country that was once one of the more centralized socialist States in the world has embarked on an ambitious program to create a more efficient economy, one where market forces are playing an increasingly important role and one where the individual consumer's wants and preferences are receiving substantially more attention. China's major issues resolve around reforming its management system.
ISSN:0002-9246
1536-7150